Cerro de Pasco Resources Reports Initial Assay Results from its Quiulacocha Tailings Drill Campaign
Cerro de Pasco Resources Reports Initial Assay Results from its
Quiulacocha Tailings Drill Campaign
MONTRÉAL, October 15, 2024 (GLOBE NEWSWIRE) - Cerro de Pasco Resources Inc. (CSE:
CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is pleased to report that
its 40-hole, Phase 1 drilling program at the Quiulacocha Tailings Project (“QT Project”) is
now nearing completion.
Key Highlights
• Drillhole SPT04 intersected 19 meters at 1.91 Oz/t (59g/t) Ag, 1.80% Zn, 0.77% Pb,
0.07% Cu and 0.07g/t Au.
• The metal grades from SPT04 are higher than the shallow auger samples reported by
Brophy (2012) on the north and central portions of the TSF , which had calculated
average grades of 1.26 Oz Ag/t, 1.44% Zn, and 0.79% Pb.
• Of particular interest is the silver grade, 52% higher than historic samples.
• Copper-Silver mineralization is expected to be more prevalent in the southern zone.
• Assay results for additional drill holes are expected to be provided in the next 2 to 3
weeks.
Figure 1: 40-hole Quiulacocha Drill Program showing completed and pending drill holes
CDPR's CEO, Guy Goulet, commented: “We are very encouraged by these initial results,
particularly as they relate to silver grades. This is the first time the Quiulacocha tailings have
been systematically drilled and analyzed . Beyond zinc , lead, silver, copper and gold , the
focus on metals such as gallium and indium provide the potential for payable by -product
metal credits to be included in the planned concentrates.
Representative composite samples will also undergo metallurgical test ing to allow for
inputs into a study. Based on the results of this campaign, we will prepare Phase 2 drilling,
which is expected to commence in the second quarter of 2025 across the remainder of the
tailings. ”
Initial Drill Results
The initial geochemical assay results from the first completed drillhole SPT04 , were
released by Inspectorate Services Perú S.A.C., a Peruvian subsidiary of Bureau Veritas. The
first samples were taken from the shallow north-western section of the tailings (see Figure
1) with predominant Ag-Zn-Pb. Drillhole SPT04 was completed at 19 meters after reaching
clay soil with gravel at the base.
Key assays from the 19-meter drill hole are presented below:
Drill Hole
Depth
(Meters) Ag Zn Pb Cu Au Ga In Fe
From To oz/t % % % g/t ppm ppm %
SPT04
0 1 2.97 0.34 1.37 0.02 0.08 72.95 23.28 22.59
1 2 2.11 1.13 0.69 0.03 0.04 25.33 19.71 33.41
2 3 1.72 1.57 0.54 0.02 0.02 9.79 20.23 35.23
3 4 1.92 2.29 0.59 0.03 0.03 19.54 20.55 36.75
4 5 1.8 1.97 0.54 0.03 0.02 19.55 18.80 36.36
5 6 1.87 1.83 0.58 0.04 0.03 21.76 19.21 35.02
6 7 2.61 2.44 0.91 0.05 0.03 17.18 22.53 34.71
7 8 2.28 2.58 0.79 0.05 0.04 19.53 20.55 34.32
8 9 1.96 2.98 0.78 0.06 0.03 15.76 20.81 37.74
9 10 1.91 2.39 0.59 0.05 0.04 12.64 16.06 35.32
10 11 1.95 2.60 0.69 0.06 0.04 15.71 18.48 34.19
11 12 1.71 1.58 0.73 0.06 0.05 27.85 16.28 33.02
12 13 1.59 1.44 0.69 0.06 0.05 27.17 13.48 29.81
13 14 1.74 1.37 1.18 0.09 0.06 50.23 20.46 31.62
14 15 1.68 1.60 0.97 0.09 0.08 41.54 18.65 32.57
15 16 1.64 1.58 0.81 0.11 0.12 30.66 18.41 32.93
16 17 1.65 1.68 0.69 0.18 0.21 22.97 16.75 31.78
17 18 1.7 1.46 0.89 0.27 0.22 100.00 9.12 20.6
18 19 1.53 1.34 0.64 0.12 0.11 30.83 15.30 28.06
Mean 1.91 1.80 0.77 0.07 0.07 30.58 18.35 32.42
These results, derived from a combination of multi-element ICP (detecting 60 elements),
Atomic Absorption (for determining upper limits of metals Zn, Pb, and Cu), and Fire Assay
for Au, provide the first-ever indication of the extent and continuity of metal concentrations
at depth.
The Iron results also indicate consistent presence of pyrite throughout the deposit. Pyrite
(indicatively 50% of the tailings) may represent a valuable by -product for the project. The
upcoming metallurgical test work program will also evaluate the potential for pyrite
recovery, including likely grades, by-products and impurities.
Phase 1 Drill Program
For the Phase 1 drilling campaign, CDPR engaged Ingetrol Comercial S.A.C., a subsidiary of
Grupo Ingetrol (Chile), and ConeTec Peru, a subsidiary of the ConeTec Group (Canada). The
campaign utilizes percussion and sonic drilling techniques to ensure the most accurate
results.
The Company will drill 40 holes and collect over 1,000 samples in total to analyze a
significant portion of the Quiulacocha tailings deposit.
On October 2nd, 430 samples from 21 drill holes reaching a depth of up to 42 meters, were
safely transported to the laboratory in freezer containers and are currently under analysis.
As of October 14th, 32 drill holes had been completed.
The drill campaign is nearing completion and is on track to finish before the rainy season at
the end of October.
Laboratory Testing
All samples are stored and transported to Lima in freezer containers to prevent oxidation
and preserve sample integrity.
The samples are dried and tested at the Inspectorate Services Lab (Bureau Veritas) in Lima.
Following geochemical and mineralogical testing, representative composites from select
samples will be sent to Bureau Veritas Antofagasta (Chile) for advanced metallurgical test
work program.
This extensive laboratory program will determine the mineral resource estimate and
evaluate potential metallurgical methods for metal and pyrite recovery of the Quiulacocha
tailings.
Quality Assurance (QA) and Quality Control (QC)
The preparation of samples for Geochemical Analyses comprises drying at 100°C and riffle
splitting to obtain a representative pulp sample of 250 grams. The sample does not undergo
sieving or any other mechanical preparation (crushing or grinding) to preserve the original
grain size distribution.
Bureau Veritas performs all sample preparation and analytical programs, supported by the
QA/QC program, which is monitored on a sample lot basis. The CDPR QA/QC program
consists of inserting twin samples, coarse duplicate samples, pulp duplicate samples,
standard reference materials, and coarse blank material and further checking at a second
laboratory.
Geophysics
CDPR has successfully completed Phase 1 of its geophysical studies, focusing on the dry
areas of the Quiulacocha Tailings. Depth readings, conducted by Geomain Ingenieros
S.A.C., ranged from 20 to over 40 meters in various locations.
The Quiulacocha Tailings
CDPR is the titleholder of the concession “El Metalurgista” in Peru, which grants it the right
to explore and exploit the Quiulacocha Tailings within its assigned area. The General Mining
Bureau of the Peruvian Ministry of Energy and Mines has formally confirmed the
enforceability of these rights.
The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is
estimated to hold approximately 75 million tonnes of material processed from the 1920s to
1990s.
Initially, these tailings resulted from the mining of 16+ million tonnes of copper -silver-gold
mineralization with reported historical grades of up to 10% Cu, 4 g/t Au, and over 300 g/t Ag,
and later from the mining of 58+ million tonnes of zinc-lead-silver mineralized material with
average historical grades of 7.41% Zn, 2.77% Pb, and 90.33 g/t Ag.
With minimal mining costs due to surface-level material and current reprocessing capacity
at adjacent plants, CDPR's Quiulacocha Project stands out as one of Peru's key mining
initiatives. This project provides economic benefits and aims to restore the environment
and create employment opportunities, aligning with the local community's needs.
Technical Information
Mr. Alfonso Palacio Castilla, MIMMM/Chartered Engineer (CEng) and Project
Superintendent for CDPR, has reviewed and approved the scientific and technical
information contained in this news release. Mr. Palacio is a Qualified Person for the
purposes of reporting in compliance with NI 43-101.
About Cerro de Pasco Resources
Cerro de Pasco Resources Inc. is focused on the development of its principal 100% owned
asset, the El Metalurgista mining concession, comprising silver -rich mineral tailings and
stockpiles extracted over a century of operation from the Cerro de Pasco open pit mine in
Central Peru. The company’s approach at El Metalurgista entails the reprocessing and
environmental remediation of mining waste and the creation of numerous opportunities in
a circular economy. The asset is one of the world’s largest above-ground resources.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward -looking information” under
Canadian securities legislation. Generally, forward -looking information can be identified
using forward -looking terminology such as “plans” , “seeks” , “expects” , “estimates” ,
“intends” , “anticipates” , “believes” , “could” , “might” , “likely” or variations of such words, or
statements that certain actions, events or results “may” , “will” , “could” , “would” , “might” ,
“will be taken” , “occur” , “be achieved” or other similar expressions.
Forward-looking statements, including the expectations of CDPR’s management regarding
the realization, timing and scope of its drilling program, the completion of a resource report
as well as the business and the expansion and growth of CDPR’s operations, are based on
CDPR’s estimates and are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of
CDPR to be materially different from those expressed or implied b y such forward -looking
statements or forward-looking information.
Forward-looking statements are subject to business and economic factors and
uncertainties and other factors, that could cause actual results to differ materially from
these forward-looking statements, including the relevant assumptions and risks factors set
out in CDPR’s public documents, available on SEDAR+ at www.sedarplus.ca. There can be
no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Although CDPR
believes that the assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on these statements and
forward-looking information. Except where required by applicable law, CDPR disclaims any
intention or obligation to update or revise any forward -looking statement, whether as a
result of new information, future events or otherwise.
Further Information
Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000